2017 Greater Princeton Area Real Estate Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

2017 Year End Greater Princeton Area Residential Real Estate Market Analysis

Available: 8 Applewood Drive | Hopewell, NJ 08525 (Hopewell Township) $849,000 2017 will be defined as a year of transition in the local residential real estate market. While the national trend of people wanting to be within walking distance of a town and a cup of coffee continued to play out here in the greater Princeton area (as evidenced by the increased units sold in Pennington, Hopewell Borough, and Lambertville), there are other markets that saw the emergence of new trends. Hopewell Township, with an average sale price at its lowest point in 4 years, saw its highest number of closed sales since 2005 as buyers recognized the value offered. We find it interesting to note that while the number of units sold in Hopewell Township was within 1% of the all-time high, the average sale price remains down nearly 20% from the all-time high that same year.

Up next for our area is the impact of the Tax Cut & Jobs Act, with predicted negative implications for the higher end of the NJ real estate market by the likes of Moody’s Analytics. Although certain price points may be affected more than others, we believe the overall impact will not be as negative as some suggest. As has been the case now for several years, our market will be hyper-local and difficult to generalize in any blanket manner. In the meantime, we are learning a lot about the intricacies of the tax plan itself and trying to get a sense of what’s in store for all of us as local property owners.

More to come on that topic...

In the meantime, we thank you for reviewing our 2017 year end report and look forward to helping however we can during 2018 and beyond.

LOCAL Ownership • GLOBAL Connections • REMARKABLE Agents

2017 UNRIVALED RESULTS 2017 Sales in Princeton (Actual Chart)

We proudly boast

Our average sold listing price is

20

17%

of the top 30 agents in Princeton.

higher than our next closest competitor in Mercer County.*

No other company has more than 3.

Volume of sales in Pennsylvania (31):

215

Referrals placed and received from Ireland to Italy, NYC to Florida, Hawaii to the Jersey Shore

126,286 Number of times our #LoveWhereYouLive community videos have been viewed

26,667 Number of email recipients we reach with each digital marketing campaign

Listings we sold above $1,275,000 AND Listings we sold below $260,000:

50

Million-dollar marketing at every price point!

Of the 21 sales in Mercer County over $2 million, number of sellers we represented:

16

No other company had more than 2.

$16.6

million

Volume of private, nonpublished sales in NJ (12):

$17.2

of the sellers and

of the buyers

8,205

social media followers from all over the world

Buyers came to us from:

4 continents 9 countries 25 states

million

We are proud to support and reinvest in our local community, with financial contributions to

>50

charitable partners and non-profit organizations.

20,892

Interactions using the TouchGallery home search tool in our office windows

#1

Of the sales that closed at/above $3 million, we represented

100% 67%

THE A-LIST

73%

Annual sales growth achieved by our Lambertville office

market share in Princeton, Pennington, Hopewell Borough & Township, Cranbury, Lawrence, Montgomery, Rocky Hill and Mercer County**

*Of companies that sold more than 10 listings. **Mercer County and Lawrence Township: based on dollar volume. All others: based on both dollar volume and unit sales.

Source: Trend MLS and Trendgraphix data for 1/1/17- 12/31/17, as of January 2018.

Princeton $1 Million & UNDER

Available: 65 Pine Street | Princeton, NJ 08542 $980,000

Units Sold

2016

2017

% Change

196

207

+5.61%

$707,827

+5.70%

55

-16.67%

Average Sales Price $669,680 66 Days on Market

Units Sold

2016

2017

114

97

Average Sales Price $1,402,573 $1,372,056 99 94 Days on Market

% Change -14.91% -2.18% -5.05%

Princeton $1 Million to $ 2 Million

Available: 188 Cherry Valley Road | Princeton, NJ 08540 $1,299,000

Princeton $2 million to $3 Million

Available: 16 Boudinot Street | Princeton, NJ 08540 $2,195,000

Units Sold

2016

2017

% Change

18

22

+22.22%

Average Sales Price $2,272,444 $2,334,508 80 72 Days on Market

+2.73% -10.00%

Princeton $3 million and over

Available: 94 Library Place | Princeton, NJ 08540 $3,150,000

Units Sold

2016

2017

% Change

2

3

+50.00%

Average Sales Price $3,237,500 $3,683,333 105 186 Days on Market

+13.77% +77.14%

Montgomery township

Available: 18 Silver Maple Court | Belle Mead, NJ 08502 (Montgomery Township) $1,435,000

Units Sold

% Change

2016

2017

273

241

-11.72%

$648,459

+1.31%

74

+4.23%

Average Sales Price $640,075 71 Days on Market

Units Sold

2016

2017

53

60

Average Sales Price $527,644 94 Days on Market

% Change +13.21%

$477,932

-9.42%

79

-15.96%

pennington borough

Available: 16 East Delaware Avenue | Pennington, NJ 08534 $469,000

hopewell borough

Available: 50 North Greenwood Avenue | Hopewell, NJ 08525 $499,900

2016 33 Units Sold Average Sales Price $412,900 62 Days on Market

2017

% Change

44

+33.33%

$388,155

-5.99%

66

+6.45%

Units Sold

2016

2017

284

311

+9.51%

$478,502

-4.28%

84

-6.67%

Average Sales Price $499,922 90 Days on Market

% Change

hopewell township

Available: 1174 Bear Tavern Road | Titusville, NJ 08560 (Hopewell Township) $535,000

west windsor township

Pending: 58 Reed Drive South | West Windsor, NJ 08550 $869,000

Units Sold

2016

2017

364

342

-6.04%

$569,165

+2.33%

54

+1.89%

Average Sales Price $556,211 53 Days on Market

% Change

cranbury township

Available: 81 Petty Road | Cranbury, NJ 08512 $1,695,000

Units Sold

2016

2017

45

46

+2.22%

$560,629

-12.64%

80

-4.76%

Average Sales Price $641,724 84 Days on Market

% Change

west windsor, plainsboro and cranbury Combined

Available: 292 Sayre Drive | Princeton, NJ 08540 (Plainsboro Township) $725,000

Units Sold

% Change

2016

2017

651

637

-2.15%

$497,906

-3.83%

56

+3.70%

Average Sales Price $517,741 54 Days on Market

Units Sold

2016

2017

377

410

+8.75%

$314,125

+2.19%

67

-15.19%

Average Sales Price $307,382 79 Days on Market

% Change

Lawrence township

Available: 13 Benedek Road | Princeton, NJ 08540 (Lawrence Township) $974,888

robbinsville township

Available: 8 Haines Drive | Robbinsville, NJ 08691 $1,299,000

Units Sold

2016

2017

267

289

+8.24%

$374,452

-1.20%

64

-18.99%

Average Sales Price $378,987 Days on Market

79

% Change

Lambertville

Available: 30 Swan Street | Lambertville, NJ 08530 $360,000

Units Sold

2016

2017

54

67

+24.07%

$426,301

+1.27%

74

-27.45%

Average Sales Price $420,960 Days on Market

102

% Change

2017 Year In Review

Click here to view our 2017 Year In Review video.

ON THE COVER 413 Route 518 | Skillman, NJ 08558 (Montgomery Township) $590,000

Each Office Is Independently Owned And Operated.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 1/16/2018. Information deemed reliable but not guaranteed.